Moula: the small business loan lender backing BIG Aussie dreams

With interest rates from 0.61% per fortnight, no fees, and approval in just 24 hours, Moula has changed the game for Australian businesses.
Planning to take your business to the next level, but short on cash to do so? Whether it’s hiring more employees, moving to a bigger space, or buying new inventory and equipment, online business lender Moula could be the helping hand you need.
Since 2013, Moula has been backing the big dreams of small Aussie businesses that don’t always have much luck obtaining loans from traditional banks.
And it’s been ruffling the feathers of its brick and mortar competitors in more ways than one. Driven by a motto “to help grow your business, not hold it back”, the fintech has reimagined financing for businesses, making it easier for them to receive the funding they need - fast and fuss-free.
“Small businesses don’t always get a lot of love from the banks, but fintechs like Moula are filling that gap by focusing more on a business’s potential for growth rather than on its size,” Mozo director, Kirsty Lamont said.
So if you’re keen to boost your business to new heights, then Moula could be a good place to start. But first, let’s take a closer look at the lender and what it has to offer:
Who is Moula?
Moula is part of a movement of digital lenders that use innovative online platforms to remove the paperwork and hassle out of securing a business loan. It promises to deliver speed and efficiency at every turn: from application to approval, to the transfer of funds.
Over the past five years, Moula has processed more than 20,000 business loan applications, making it one of the more popular options for business owners taking out a loan.
What’s Moula’s business loan all about?
Moula’s business loans offer rates that start from a competitive 0.61% per fortnight, with repayments to be made on a fortnightly basis. You can take out loan amounts ranging between $5,000 and $500,000 over terms of 6 months to 3 years, although Moula will determine exactly how much you can borrow by looking at factors like your business profile, time in business and transaction volume.
What’s more, Moula’s loans are packed with flexible features, including the ability to make extra repayments so that you can pay off your loan earlier and save on interest, and a redraw facility in case you need to ‘dip’ into those extra repayments later down the track.
If you apply for a loan with Moula between 1 November 2019 and 30 January 2020, you’ll even go into its draw to win $2,020 for your 2020 business vision (with one customer drawn every month).
And the cherry on top: Moula’s loans are generally fee-free (unless you start missing repayments), so you won’t have to worry about any nasty surprises around the corner.
… Did you just say fee-free?
You didn’t read wrong! There are basically no fees when you borrow from Moula - whether that’s upfront, ongoing, late payment, transaction or early repayment fees. The only thing you’ll be charged for is interest on your loan.
Just keep in mind that if you do miss one of your repayments due to a failed direct debit, you’ll have to pay a direct debit dishonour fee of $25, although be aware that in some cases, it could go as high as $30. And for every payment that needs to be rescheduled, Moula currently charges $25, but this rescheduling fee could go up to $40.*
How fast is the application process?
Much faster than your traditional bank! It’s time to wave goodbye to mountains of paperwork and waiting for weeks on end for that tick of approval. With Moula, online applications take only 10 minutes. All you’ll need is to give Moula permission to access your banking or accounting data, and provide details including your ABN or ACN, and some other personal, business and credit information.
In just 24 hours, you can usually expect to hear back about whether or not you’ve been approved, and if approved, you’ll have access to the funds the very next day.
Am I eligible for a Moula business loan?
There are just a few boxes to tick before you’re eligible for a Moula business loan:
- You have an ABN or ACN;
- You’ve traded for at least 6 months; and
- You’ve made at least $5,000 in monthly sales (or $60,000 in annual turnover).
Does Moula offer other products?
Yes, it does. Earlier this year, Moula launched its very own Buy Now, Pay Later product, Moula Pay, which allows businesses to access up to $250,000 credit. This gives you the money to purchase supplies and equipment or pay for invoices right now, without affecting your cash flow.
You’ll have 12 months to pay off the whole thing in instalments, and the good news is, the first 3 months are interest-and repayment-free. So if you finish making your repayments in those initial three months, you could avoid interest costs altogether! Otherwise, you can enjoy 3 months of no repayments but bear in mind that once the interest-free period ends, you’ll be charged an interest rate of 3% per month.
While Moula Pay comes with no establishment, direct debit or early repayment fees, you’ll also need to watch out for the annual fee, which jumps from $0 to $149 after the first 12 months.
*Fees as of 29 November 2019
Compare business loans - rates updated daily
Line of Credit
Unsecured business funding up to $500K. Start the online application process in just 5 minutes, and get access to funds within 24 hours once approved. Great for ABN registered businesses with an annual turnover of $200K+.
Interest Rate
Upfront Fee
Funding speed
On Application2% to 3%Instantly, once approvedLine of Credit
Unsecured business funding up to $500K. Start the online application process in just 5 minutes, and get access to funds within 24 hours once approved. Great for ABN registered businesses with an annual turnover of $200K+.
- Interest Rate
- On Application
- Upfront Fee
- 2% to 3%
- Ongoing Fees
- $0.00
- Late payment fee
- -
- Transaction fee
- -
- Early repayment penalty
- 0
- Other fees
- Various late payment fees may apply.
- Loan type
- Line of Credit
- Security type
- Unsecured
- Minimum loan amount
- $10,000
- Maximum loan amount
- $500,000
- Minimum loan term
- 6 months
- Maximum loan term
- 5 years
- Repayment frequency
- Weekly, Fortnightly, Monthly
- Repayment types
- Principal & Interest
- Minimum trading period
- 18 months
- Minimum annual turnover
- $200,000
- Application speed
- 10 minutes
- Approval speed
- 24-48 hours
- Funding speed
- Instantly, once approved
- Extra repayments allowed
- Yes
- Redraw allowed
- Yes
- Other benefits
- -
- Other restrictions
- -
Short Term Business Loan
Unsecured business loans from $10,000 - $250,000, over 6 to 24 months. Online application takes only 10 minutes and you'll know if you're approved within hours. Apply now.
Interest Rate
Upfront Fee
Funding speed
On Application3.00%from 24 HoursShort Term Business Loan
Unsecured business loans from $10,000 - $250,000, over 6 to 24 months. Online application takes only 10 minutes and you'll know if you're approved within hours. Apply now.
- Interest Rate
- On Application
- Upfront Fee
- 3.00%
- Ongoing Fees
- $0.00
- Late payment fee
- $0.00
- Transaction fee
- $0.00
- Early repayment penalty
- $0.00
- Other fees
- -
- Loan type
- Loan
- Security type
- Unsecured
- Minimum loan amount
- $10,000
- Maximum loan amount
- $250,000
- Minimum loan term
- 6 months
- Maximum loan term
- 2 years
- Repayment frequency
- Daily, Weekly
- Repayment types
- Principal & Interest
- Minimum trading period
- 1 year
- Minimum annual turnover
- $100,000
- Application speed
- 10 Minutes
- Approval speed
- from 24 Hours
- Funding speed
- from 24 Hours
- Extra repayments allowed
- No
- Redraw allowed
- Eligible to apply for renewal after 50% paid down
- Other benefits
- -
- Other restrictions
- Minimum $100k turnover and 1 Year in Business.
Invoice Finance
Get your customer invoices paid early, without waiting up to 90 days for payment. Apply online in 10 minutes and select your local or overseas invoices to fund. Flexible funding with no lock-in contract.
Interest Rate
Upfront Fee
Funding speed
On Application$0.00Same DayInvoice Finance
Get your customer invoices paid early, without waiting up to 90 days for payment. Apply online in 10 minutes and select your local or overseas invoices to fund. Flexible funding with no lock-in contract.
- Interest Rate
- On Application
- Upfront Fee
- $0.00
- Ongoing Fees
- $0.00
- Late payment fee
- $0.00
- Transaction fee
- On Application
- Early repayment penalty
- $0.00
- Other fees
- -
- Loan type
- Line of Credit
- Security type
- Secured
- Minimum loan amount
- $10,000
- Maximum loan amount
- $100,000,000
- Minimum loan term
- 0 years
- Maximum loan term
- 4 months
- Repayment frequency
- -
- Repayment types
- -
- Minimum trading period
- 0 years
- Minimum annual turnover
- $0
- Application speed
- 10 Minutes
- Approval speed
- 24 hours
- Funding speed
- Same Day
- Extra repayments allowed
- yes
- Redraw allowed
- yes
- Other benefits
- No lock in contract, flexible funding drawdowns, international invoices, trade finance
- Other restrictions
- -
- Hot DealNo repayments on Lumi Business Loans for the first 6 weeks (T&Cs apply).
Unsecured Business Loan
A straightforward business loan with no hidden Lumi fees or charges. Speedy application and approval process with fast access to funds according to Lumi.
Interest Rate
Upfront Fee
Funding speed
from 9%$0.00Within same dayUnsecured Business Loan
A straightforward business loan with no hidden Lumi fees or charges. Speedy application and approval process with fast access to funds according to Lumi.
- Interest Rate
- from 9%
- Upfront Fee
- $0.00
- Ongoing Fees
- $0.00
- Late payment fee
- -
- Transaction fee
- $0.00
- Early repayment penalty
- $0.00
- Other fees
- $0.00
- Loan type
- Loan
- Security type
- Unsecured
- Minimum loan amount
- $5,000
- Maximum loan amount
- $300,000
- Minimum loan term
- 3 months
- Maximum loan term
- 3 years
- Repayment frequency
- Weekly
- Repayment types
- Principal & Interest
- Minimum trading period
- 6 months
- Minimum annual turnover
- $50,000
- Application speed
- 10 minutes
- Approval speed
- 2 hours
- Funding speed
- Within same day
- Extra repayments allowed
- yes
- Redraw allowed
- yes
- Other benefits
- -
- Other restrictions
- Loans above $300,000 must be secured by property.
Unsecured Business Loan
Business Loans from $5,000 to $600,000 with high approval rates. Access to funds in as little as 3 hours. Cash flow friendly repayments and open minded offers.
Interest Rate
Upfront Fee
Funding speed
On Application3%, starting at $399from 3 hoursUnsecured Business Loan
Business Loans from $5,000 to $600,000 with high approval rates. Access to funds in as little as 3 hours. Cash flow friendly repayments and open minded offers.
- Interest Rate
- On Application
- Upfront Fee
- 3%, starting at $399
- Ongoing Fees
- no
- Late payment fee
- $50.00
- Transaction fee
- -
- Early repayment penalty
- no
- Other fees
- -
- Loan type
- Loan
- Security type
- Unsecured
- Minimum loan amount
- $5,000
- Maximum loan amount
- $600,000
- Minimum loan term
- 3 months
- Maximum loan term
- 1 year
- Repayment frequency
- Weekly, flexible
- Repayment types
- Principal & Interest
- Minimum trading period
- 6 months
- Minimum annual turnover
- $120,000
- Application speed
- 10 Minutes
- Approval speed
- within 1 hour
- Funding speed
- from 3 hours
- Extra repayments allowed
- yes
- Redraw allowed
- no
- Other benefits
- Daily repayments available.
- Other restrictions
- -
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